United Federal Credit Union headquartered in St. Joseph, Michigan, and Griffith Savings Bank, headquartered in Griffith, Indiana, have jointly announced the signing of a definitive agreement under which United FCU will purchase substantially all of the assets and assume deposits and other liabilities of Griffith.
Under the terms of the Agreement, $1.3 billion United FCU will purchase all loans, investments, real estate, accrued interest receivables, and other banking-related assets of Griffith and will assume all deposits, Federal Home Loan Bank advances, and accrued interest payable of approximately $81 million.
Griffith intends to liquidate following the closing and distribute any remaining net assets at the time of liquidation to its depositors. Although the amount of the distribution cannot be determined at this time, depositors who retain accounts at United FCU will be credited with their pro rata distribution upon Griffith’s liquidation. Other depositors will be sent their distributions.
Last year, Royal Credit Union purchased 11 branches from Anchor Bank along with deposits and loans.
Read the press release.
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